Maybank S’pore Islamic Banking offers financing for residential, commercial properties in M’sia

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SINGAPORE: Maybank Singapore Islamic Banking yesterday launched two new syariah-compliant banking products for buyers in the republic to finance residential as well as commercial and industrial properties in Johor, Melaka, Kuala Lumpur and Penang.

The products, Islamic Home Financing and Islamic Commercial and Industrial Property Financing, were introduced by Maybank president and chief executive officer (CEO) Datuk Seri Abdul Wahid Omar at a media brifieng here yesterday.

Both products are available for owner-occupied or investment properties and come with a minimum financing of S$100,000.

Also present were Maybank Islamic CEO Muzaffar Hisham, Maybank Singapore CEO Pollie Sim and Maybank Singapore Head of Islamic Banking Mohd Ismail Hussein.

Speaking to reporters, Abdul Wahid said Maybank Singapore was also in discussions with the Central Provident Fund Board (CPF) to allow home buyers to use their CPF savings for Islamic finance home loans.

On Islamic banking in Singapore, he said the bank has made good progress, with better progress to come.

The two new products bring to 11 the number of syariah compliant products available to Maybank Singapore customers.

The bank’s Islamic banking services had shown remarkable year-on-year growth for the financial year ended December 2012 with total assets and deposits growth of 278 per cent and 390 per cent respectively, while total customer base had gone up by more than 3.5 per cent over the past five years.

Maybank Singapore Islamic Banking, which secured the first Islamic profit rate swap deal with a leading Singapore-based conglomerate in 2012, aims to continue to be the leading provider of syariah-compliant financial solutions in Singapore. — Bernama